South Korea Cuts Iran Oil Imports

In anticipation of next week’s deadline for expanded US and EU sanctions on Iranian crude trade, South Korea cut its oil imports from Iran by nearly 40 percent in May, Reuters reported today. The country imported an average of 127,880 bpd last month, compared with its term agreements with Iran to import 200,000 bpd.

South Korea's refiners SK Energy and Hyundai Oilbank import Iranian crude. Sources told Reuters that both refiners will stop importing from Iran when the EU insurance embargo takes effect from July 1.